Crude oil extended its counter-trend rally Thursday, reclaiming the 20-day average at $58.20 and trading near the day's $58.54 high while positioning for a test of the 50-day resistance zone near $59.13–$59.37.
Oil futures edged lower after making big gains yesterday on the U.S.'s tightening of the blockade of tankers entering or leaving Venezuela.
Oil ETFs are rallying as U.S.-Venezuela maritime clashes lift crude prices, adding a geopolitical risk premium.
Oil is being pushed aside even as positioning, policy and reality begin to diverge. Beneath the noise of surpluses and low prices, the extreme polarity of COT, years of under-investment and a crumbling narrative of energy transition are quietly paving the way for a violent contraction.
Former U.S. Energy Secretary Dan Brouillette discusses America's energy outlook as President Donald Trump targets a third sanctioned oil tanker near Venezuela on 'Mornings with Maria.' #foxbusiness #morningswithmaria
Daan Struyven, Goldman Sachs co-head of global commodities research, joins 'Squawk Box' to discuss the state of the energy markets, U.S. oil production, state of metal commodities, and more.
The average price of unleaded gasoline in the U.S. has fallen to its lowest level since 2021, according to AAA. Nearly 110 million Americans are expected to make road trips this holiday season.
Oil futures edged lower in the morning Asian session on a likely technical correction after WTI and Brent crude oil futures settled 2.6% higher on Monday.
Geopolitical tensions lift natural gas and oil prices as false breakdowns fade, improving momentum and shifting the energy outlook cautiously back to the upside.
Oil prices climbed in early trade on Monday after the U.S. intercepted a Venezuelan oil tanker over the weekend.
Oil rose in the early Asian session amid growing U.S.-Venezuela tensions that may lead to supply disruptions.
The operation comes after the boarding of two other ships this month as the administration carries out Trump's order to blockade Venezuela's oil shipments